Jim Wiggett, ceo of the Jackson Hole Group consulting firm and a longtime adviser to Bebe, has been appointed interim ceo as the firm begin its search for a permanent successor. Manny Mashouf, founder and non-executive chairman of Bebe, called Wiggett “a highly accomplished executive with proven leadership capabilities, retail and merchandising expertise and a wealth of strategic business knowledge, and we look forward to his insights into the strategic direction of the company.”

Wiggett is a former LVMH Moët Hennessy Louis Vuitton executive who served as president and ceo of sephora.com and in senior positions with Macy’s Inc.

Several sources said Birkhold’s departure came as no surprise considering Bebe’s recent financial performance and the sale, on May 29, of his entire stake of 141,000 shares of company stock for $4.07 a share. Shares dropped 16.7 percent, to $3.39 from $4.07, on June 2, as investors learned of the liquidation of his position. They were down 1.8 percent to $3.30 Thursday following Birkhold’s resignation.

“It seems his departure was already factored in,” said one analyst, requesting anonymity.

Calls to Bebe seeking comment weren’t returned.

Despite some recent signs of nominal improvement, Birkhold had been unable to reverse the company’s losses and declining net and same-store sales. Comparable sales, including e-commerce and catalogue, declined 8.6 and 7.1 percent, respectively, in the third and fourth quarters of fiscal 2013, his first two quarters at the firm, as losses for the six months totaled $70 million. In the first nine months of the current fiscal year, through April 5, the net loss fell to $38.9 million from $56.7 million, while net sales dropped 7.6 percent to $365.5 million and comps fell 3.3 percent with 19 fewer stores than in the previous year’s quarter. Although net sales were down 17.2 percent, to $93.5 million, in the third quarter, as the company’s net loss was cut in half, Birkhold said upon the release of quarterly results on May 8 that he was encouraged by “improved sales and margin performance in both our e-commerce and catalogue businesses” during the period.

Reacting to those results last month, Janney Capital Markets analyst Adrienne Tennant noted that comps during the quarter ended in April were flat in the West, where weather exacted a smaller toll on retailers than it did in the East and Midwest. “We continue to believe that the product has consistently improved with each successive flow,” she wrote in a research note in which she maintained her “buy” rating.

However, she noted that the company was on a pace to burn through $60 million in cash this year. It had $116.9 million in cash and cash equivalents at the end of its third quarter.

Birkhold, former ceo of Diesel USA, resigned as ceo of Devanlay U.S., operators of the Lacoste business in the U.S., to take the Bebe post, succeeding Mashouf.

Latest Galleries

FREE ALERTS & NEWSLETTERS

Social Studies

In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)

@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)

The @cfda has shifted the dates of #NYFW, with Men’s showing on February 5 through February 7, and Women’s will directly follow, running from February 8 through 14. The preliminary schedule will be released on the CFDA’s web site in the next few days, but Mark Beckham, VP of marketing for the CFDA, revealed that @rafsimons will be back to close the men’s-specific part of the week with a show on February 7 #wwdfashion (📷: Kelly Taub)

@ferragamo is introducing a new space dedicated to the development of women’s and men’s leather good samples. The laboratory, which is created eco-friendly materials and designed to reduce the environmental impact of the manufacturing processes, will allow the company to expand its accessories offering through traditional artisanal approaches. #wwdfashion (📷: @aitorrosasphoto)

How does a “regular, degular, schmegular” girl from the Bronx, N.Y., become a Grammy-nominated artist with a certified platinum record in less than a year? Call it the @iamcardib come up. The 25-year-old has become a musical sensation, and the fashion world is taking note. “If I could describe her style I would say drama. She’s really into the dramatics,” says Cardi B’s stylist @kollincarter. See how Carter styles her bold and out there looks with the link in bio. #wwdfashion

“There is no formula. There is no guideline. I can watch Ted Talks all day, but there is no one who can advise me on exactly what it is I should be doing,” said @ronniefieg, CEO of @kith, in an interview with WWD’s @ariahughes at the brand’s new SoHo office in Manhattan. Head to WWD.com to see how Fieg went from hanging out in shoe stockrooms at 13 to building his own business. #wwdfashion (📷: @weston.wells)

@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)

Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion

For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion